Category Archives: AUTOBIOGRAPHY

Education, exceptions and limitations

Sometimes and somewhere, there are few special ones in this part of the planet, who are willing to go for poverty and want to see how it can be and all these had been done by few special ones. There is always the danger lurking here and there, when the poverty is being taken as the all round distinction and that could sense the most dangerous signs and all these should not be taken aback from it. In my childhood there were many government schools, then it was for poor as well as for rich persons, but after 20 years the whole scene had undergone sea-change, now it seems that the government schools only meant for poor and the rich person goes for private schools.

In government schools as it was evident from it, there the problems were plenty, lesser number studies, the standard if education was below acceptance level. This was the sole reason to decide when parents had gone for English medium schools, the private funded schools. There are some schools, where one could find good education and they were government schools like Is pat High School, Tensa, where one could find better education than that of so called private funded schools.

There one could find the real dedication and the zeal to study hard and with this the entire fundamental of subjects that need to be renewed from time to time had to be done with equal concise and mind, that were above heart and expression. Parents those who wanted to spend more money for their children education also been critical to government schools. There was one incident, when, the maids working at home used to attend these schools with a interval of 15 days, and they solely wanted to join this as they wanted to reach to the class tenth and with it they could get the free bicycle, that was government giving to lady students for the rewards they reached into class 10th.

Why this could be the exception as here, the motive was not to study but to get the bicycle. So, what it ought to do it more was that , here material possession went overboard from studies and that worried me a lot as the admirer of education. Here, the maid went into school and there the teacher knew that she had been doing the works of maid and for this, her work at school was to clean the class and the garden.

If any festive occasion then she had to clean the entire school arena and what it worries more was that even that maid could not understand this and with it, the entire process of study was being repeatedly not taken into consideration. Here the entire culprits were everyone, and each person had been as the custodian of education misusing it. With attached meal system, more and more poor girls were now related to education as with it they could have decent meals and also with it they could have the stipulated dresses for themselves as per governmental laws and it was all good here, but the problem was there when the girl instead of full time study works and earn money and also the teacher by seeing her precedents trying to indulge her the same work as per the example above.

One more aspect of education was that it was being too much commercialized to its fullest extent and these should not be there at all. With these segmentation , what was happening the private schools were raising the finance levels of all these and in this manner the poor could not afford to study there and this had been the real bone of contention for all of us and due to advent of all these schools , the standard of education at governmental schools had been sharply on declining mode and for this, only poor had been studying there and mostly the study quality had not been great and the schools need more improvement. Now, the English medium schools had been increasing their course fees for annum as this seemed to be more and more not realistic to me as their fees and the entire sum that was to be received could not be justified of so much hike in fees.

Could this be an opportunities for government schools as with ever increasing fees of students per annum, it seemed that some short creamy layers in rich class could afford such an education and with it , more and more person would be reaching towards governmental schools and would expect these schools to perform better. As famous Odia poet Kalindi Charanna Pannigrahi said, in his Byarth Geeti , what is happy that has been seen in the eyes , is deep cry within , the laughs had been filled with crying and that had been trying to hide from it , all these had been bear by mother earth , but still it did not say anything whatsoever. It was saying life and vitality time is only for seconds if you consider along the line of universe, it is time to dance with joy and time to fill your life with many happiness.

Was the money only the deterrent to see the quality of education , I think it was not , as there were some government schools where you could find many great schools where brilliant students had been rising from no where. There was one instance of it when I was there at Sundergarh BS High School, this school was named after the kind of Sundergarh and it was a big school with plenty of students and the study matters most here. There was a student, who was very poor and in his home, there is no electricity connectivity and also he used to seat below traffic light and there he used to study through out the night and he was a first class student and also he had no convenience at home but with his dedication and zeal to study he had converted the opportunity into a game changer appetite, he continues to grow and now he was a doctor.

Whenever I saw him , he came with a broad smile , one day while I was going through government hospital he was standing there and shouted my name , I stopped there , and then came to meet him , he was very happy to see me and also we both talked each other, I found that the sense of soils which he was presenting earlier times had been same here , he was not above broad , he stills appreciates his earlier life and the continuance of struggle he had been with so all these had been the great sense of satisfaction for him and I could know from him all these facts of life and the zeal to success and that denoted the arrival of all these fascinating attractions that was there always.

What I wanted to write here was the to improve the education , it should be the work for all , not for some specific persons , as it should be seen that all these should not go to individuals as with this the specific forms of actions and its related inaction could not be there, and in order to find it in more specific and understandable manner one had to find the way out with it and how could all these be equally acceptable to the point of view of action oriented attributes all these should go in one such manner that the point of in action could not be any such blockages to find out the possible minimalism victory. The moment of glory could not be certain as with the case of one more real time example I could sense here.

One should not see and observe the education as the sole profit motive entity, as this could ruin the entire spectrum of it and for this it was always advisable to make it most of it as with this the entire spectrum of education would be more realistic with rich and the poor reading at the same place and at the same time simultaneously. This example from one such hit serial from Star Plus where one married lady wanted t study more but due to resistance of other ladies, she was yet to fulfill her potential but with due course of time her husband supporting her to study more and more and in this manner it did feel that, education importance was being fielded here and this could led to a really wonderful treatment of satisfaction with it. Why it was being felt by her husband was that while he was in a cooking competition in a foreign land his wife saved her , from embarrassing and also the corrupt practices ,even though was number one but trued to make him out of competition .

Then, he knew the importance of competition and with it realized how his wife saved him from embarrassing situations. The significance of education had been great and the way it could impact on your way of life had been tremendous. There is the certain age when one person could read and write and for this it was always been a good ideas to study first and then after completing these studies you could start refresh all your works as it is a true fact that , you could do start work at whatever age at certain age but it also a true part and parcel of life was that once the age of education was over then it would be a great difficulty for you to start refresh.

Shoppng Mall

What are examples of financial services?

Financial services are a vast area covering almost any activity pertaining to the making and preserving of money. These services can very broadly, be divided into two types – fund / asset based services and fee / advisory services. Further sub-categories are retail and corporate. There is necessarily some degree of overlap between these categories, due either to the volumes handled or because of the intricacies involved.

The growing complexity of financial services and the depth of knowledge required to manage this complexity has been the prime driver for specialization Consequently, the range of financial services available today appears to be a virtual maze as illustrated below :

These individual segments are in themselves, very broad categories and each category comprises of a large number of distinct services. Like a Banyan tree, various branches have grown in complexity and have virtually become trees on their own.

A) PAYMENT SERVICES – RETAIL

At the retail level, these services stretch from the universal ATM to payment of telephone, electricity, and medical bills, to even payment of Income Tax. The varieties of payments that can be made through this medium are endless. In many countries, even taxi fare is paid through Credit / Debit Cards. Some of the widely used services are :

  1. Automatic Teller Machines
  2. CREDIT CARDS
  3. DEBIT / CHARGE CARDS
  4. BILL PAYMENT SERVICES
  5. PREPAID CASH CARDS

The difference between credit cards and debit or charge cards is that in the former the Card Issuing Company extends credit to the user from the point of purchase to the point of payment. The user need not have requisite money at the time of purchase and is given time to arrange for adequate funds. In the latter case, the user’s account will be debited on use of the card and should have sufficient balance at the time of use to cover the amount spent. This curbs the tendency to over-spend.

Prepaid Cash Card are similar to pre-paid cards used for mobiles phones i.e. they can be purchased for a predetermined amount and used either for making payments or for drawing cash from ATMs. Prepaid cards have proved quite useful to students as safety is ensured by limiting the amount that can be accessed through the card.

B) REMITTANCE FACILITIES

  1. PRE-PAID DRAFTS
  2. TRAVELER’s CHEQUES
    Financial Companies / Banks offer pre-paid drafts / TCs in addition to their regular channels for remitting funds. With the coming of age of Credit / Debit cards, TCs have lost much of their relevance as a safe mode of carrying money. However, they are still used extensively by international travelers, due to their widespread acceptability.

C) INVESTMENT ACTIVITIES – RETAIL

  1. MUTUAL FUNDS
  2. CHIT FUNDS
  3. STOCK BROKERING
  4. PORTFOLIO MANAGEMENT (PRIVATE BANKING)
    The large number of mutual funds which have cropped up in the last two decades is evidence of the growing maturity of the retail investor, who is no longer satisfied with the plain vanilla products offered by Banks earlier, i.e. fixed deposits and savings accounts. Mutual funds offer a wide range of investments in debt and equity markets promising substantially higher returns by way of revenue in addition to gains from capital increase in value of investment.

Portfolio management is of two types. In the first category, i.e. advisory, the portfolio manager merely proffers advice regarding the investment options available to his client and it is upto the client to take or refuse the advice. In the second category the client hands over a part of or even his entire portfolio of securities / funds to the fund manager who then makes the investment, monitors the value, takes a decision to disinvest or continue and delivers the net gains periodically to the client.

Private banking, which is an offshoot of portfolio management, pertains to provision of custom-tailored services to high net-worth individuals based on a thorough understanding of the client’s financial goals. The services can include planning for wealth management (tax optimisation, estate and local or cross border retirement planning) investment management, art banking etc. etc. All these activities are normally fee based. However in some cases, fees are fixed on the basis of a percentage of the profits made on the portfolio.

D) INSURANCE
Although, the list appears to be small, this is one of those branches, which has become a full tree in itself. The sub-branches are many and quite specialised covering almost all aspects, e.g. insurance for loss of life, health, medical expenditure, accident, property, vehicle, household goods, jewelry, travel, etc. and almost all imaginable risks like fire, theft, floods, riots, earthquake, etc.

Products too have become increasingly complex and life insurance today, has moved away from covering risk to life and limb alone to becoming complex investment instruments providing a variety of saving / tax benefits.

E) CONSUMER CREDIT

  1. HIRE-PURCHASE
  2. HOUSING FINANCE
  3. LEASE-FINANCE
  4. KISSAN CREDIT CARD
    Consumer credit has spread rapidly from metros to even remote rural areas. Today, housing and consumer finance is driving the growth of credit in the economy – a natural outcome as the country’s economic development gathers momentum.

The variety of consumer credit available is quite mind boggling, ranging from housing finance to loans for travel, wedding, education, medical expenditure, purchase of all manner of goods and services. The low level of overall default and simplicity of assessment has made consumer credit the most active arena of intense competition between various banks and other financial agencies.

F) OTHERS

  1. CUSTODIAL SERVICES
  2. TAX ACCOUNTING
  3. TRUSTEES
  4. VALUATION OF PROPERTIES
    Custodial services range from providing lockers to maintenance of securities. Financial firms also provide individual accounting solutions / services on a regular retainership basis. Occasionally Banks, and frequently financial / legal firms are appointed as trustees to look after the financial interest of particular person(s) for a specified period.

G) RECEIVABLE MANAGEMENT

  1. FACTORING
  2. FORFAITING
  3. REDISCOUNTING OF BILLS / REFINANCING
  4. ESCROW SERVICES
    At the Corporate level, receivable management is the neural network, which controls the overall activity of the unit. Banks normally advance against various types of receivables. Additionally, factoring firms discount bills of corporates either with or without recourse for a pre-determined fee.

Forfaiting is similar to factoring except that it is restricted to export receivables and is without recourse to the seller i.e. exporter, and generally used for medium and long term export bills.

Apart from providing direct advances against receivables, several financial institutions e.g. SIDBI, IDBI etc. re-discount bills of corporates already discounted by a primary lender.

Escrow services are provided for collection of cash funds from a large number of sources e.g. toll collections. Most receivable services are fee based although the practice of up-front discount is also fairly common.

H & I) INVESTMENT ACTIVITIES & FUNDING OPTIONS – CORPORATE

  1. CERTIFICATE OF DEPOSITS (CDs)
  2. MONEY MARKET OPERATIONS
  3. PORTFOLIO MANAGEMENT
  4. BONDS / DEBENTURES
  5. COMMERCIAL PAPERS (CPs)
  6. LEASE FINANCE
  7. LOAN SYNDICATION
  8. VENTURE CAPITAL
  9. GLOBAL DEBOSITORY RECEIPTS
    The crux of financial services pertains to deployment of short and long term surplus funds and to raising suitable funds to meet requirements for different tenors. Every investment opportunity pre-supposes a funding option and they come together as part of financial services. An effective financial system requires a well-diversified structure with appropriate market instruments catering to the requirements of various categories of investors and borrowers.

Financial firms / Banks advise their clients how to invest their surplus funds or raise resources appropriate to the tenor of their requirements. They also actively participate in the process of raising funds and investing them – either on behalf of their clients or on their own accord. Over a period of time, specialized services have developed in order to cater to increasingly complex requirements. Amongst all financial services, this area is witnessing the greatest amount of innovation & customization.

The aim of Venture Capital funds is to invest in new / unproven technologies which carry a high risk, in the hope that they will become commercially successful eventually. These funds have further developed specialization in different segments e.g. software, hardware, travel & hospitality industry, etc. Quite often, in addition to money, VC funds also provide expertise, marketing design / strategy and occasionally even manage these operations at the nascent stage.

Some lease finance firms have also evolved into specialty firms focusing on core areas e.g. medical equipment, earth moving / project equipment with long-term leases, etc. etc. whereas others cover the whole gamut of fixed assets.

J) CASH MANAGEMENT & ELECTRONIC TRANSFER OF FUNDS
Cash management services too have developed considerable variety and range from simple collection accounts to daily / weekly sweep accounts, lock box accounts and controlled disbursement accounts. Increasingly sophisticated technology is enabling customization of such services, helping companies to reduce the amount of their float funds and improve overall efficiency of fund utilization.

Another benefit of technological development in the field of finance has been the electronic transfer of funds. This has greatly facilitated the direct payment of dividend warrants / interest payments from a single source to a large number of recipients.

K) MERCHANT BANKING

  1. CAPITAL ISSUES – MANAGEMENT & SERVICING
  2. MERGER / AMALGAMATION – ADVISORY
  3. CORPORATE ADVISORY SERVICES
  4. LOAN SYNDICATION
  5. PROJECT CONSULTANCY
  6. UNDERWRITING
  7. BUSINESS VALUATION
    Merchant Banking covers an enormous variety of activities – each requiring a degree of in-depth knowledge and specialisation distinct from regular banking / financial activities. Originally, most Merchant Bankers started out with a mandate to arrange and manage public issue of equity for corporates. Now, there is little they do not do – apart from direct financing / investments. Corporate advisory services are all encompassing, and can cover any aspect – from financial advice to business restructuring.

L) RISK MITIGATING ACTIVITIES

  1. INSURANCE
  2. HEDGES
  3. SWAPS
  4. OPTIONS
  5. DERIVATIVES – CREDIT / INTEREST
  6. UNDERWRITING
    The second most important are of financial services pertains to the managing and mitigation of financial risk inherent in all financial activity. Hedges, Swaps, Options, Derivatives – all are designed to cover different types of future risk due to the uncertainty of the economic environment.

These activities range from the basic forward contract hedge, employed for covering the risk of adverse foreign exchange rate movement to complex derivatives used for mitigating possible changes of either the principal value of the financial instrument or its’ income value, or both. Derivatives & Swaps are also used for mitigating the risk of concentration of exposure to a particular industry or segment.

Underwriting is normally done to cover the risk of inadequate response to a public issue, but may be extended to cover other risks related with the issue also.

M) OTHERS

  1. AUDITING
  2. TAX ACCOUNTING
  3. CREDIT RATING SERVICES
  4. INDUSTRY PROFILES
  5. INDUSTRY RATINGS
  6. VALUATION OF PROPERTIES
  7. TRUSTEES
    There is a host of financial firms providing niche or highly specialized services, including ratings of corporates on financial & industry parameters, preparation of detailed industry profiles, etc. Most such services are fee based, but many are also public services available in the form of subscription or distributed as regular publications. Many of these services are also available on customized basis.

Sources & References:

https://businessjargons.com/portfolio-management.html

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